DowDuPont board proposes reverse stock split

DowDuPont Inc. DWDP, +2.36% said late Wednesday its board will be proposing a reverse stock split at a special stockholder meeting. Should shareholders vote for the reverse split at a May 23 meeting, the board will choose a split “of not less than 2-for-5 and not greater than 1-for-3.” The purpose of the split is “to increase the market price of DowDuPont’s common stock in connection with the company’s intended distribution of all of the shares of common stock of its wholly owned subsidiary, Corteva Inc., which holds the company’s agriculture business,” DowDuPont said in a statement. Recently, Dow Inc. DOW, +1.12% was spun off from DowDuPont, with the former trading as a component of the price-weighted Dow Jones Industrial Average DJIA, +0.15% DowDuPont shares, which closed up 2.4% at $37.35, rose 0.4% after hours.

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